With respect to using traditional lending rules to determine how much of a mortgage a borrower qualifies for, most lenders apply the rule that results in the highest mortgage amount. O The above statement is True. O The above statement is False.
With respect to using traditional lending rules to determine how much of a mortgage a borrower qualifies for, most lenders apply the rule that results in the highest mortgage amount. O The above statement is True. O The above statement is False.
Chapter9: Obtaining Affordable Housing
Section: Chapter Questions
Problem 3LTAI
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Transcribed Image Text:With respect to using traditional lending rules to determine how much of a mortgage a
borrower qualifies for, most lenders apply the rule that results in the highest mortgage
amount.
O The above statement is True.
O The above statement is False.
Transcribed Image Text:The maximum monthly PITI payment (MHE) most lenders will allow a borrower with
$96,000 in annual gross income is:
O $1,960.
O $2,240.
O $2,520.
O $2,660.
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